Tag Archives: consumer protection

The Newest SEC OCIE Risk Alert: Cloud Storage Is Great, If Your Cloud Is Secure!

On May 23, 2019, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert on the importance of storing customer and data in a cloud environment in a secure fashion. Titled “Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features,” the risk alert addresses proper cloud … Continue Reading

Summer Is Coming – Are You Prepared for the SEC OCIE Cybersecurity Sweep?

In March 2019 the SEC’s Office of Compliance, Inspections and Examinations (OCIE) announced it would soon commence its annual “Cybersecurity Sweep” of registered investment advisers and broker-dealers. The reality of daily breaches and hacks combined with the watchful eye of the SEC and other regulatory and enforcement bodies means registrants should recommit to dedicating the … Continue Reading

Early Signs on Fintech from the Consumer Financial Protection Bureau

There is no doubt that the regulation of financial technology (fintech) companies is on the rise. Fintech companies broadly mean companies that provide products, services and technology where traditional banking and financial services leave off and technology takes off. Though all of the federal banking agencies and other agencies will play a vital role in … Continue Reading

FCC Proposes Rules to Limit the Use of Robocalls to Collect Debts Owed to or Guaranteed by the United States

The Federal Communications Commission (FCC) has proposed rules to implement a provision in the Bipartisan Budget Act of 2015 (Budget Act) that allows robocalls (i.e., calls made with an automatic telephone dialing system or calls with an artificial or prerecorded voice) to be used for the purpose of collecting a debt owed to or guaranteed … Continue Reading

CFPB Observer: Recent Developments from April 27 – May 1, 2015

The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including a report of consumer complaints issued by the CFPB’s Office of Servicemember Affairs; an enforcement action against a bank for overdraft practices; an enforcement action against a title company and its mortgage loan officers; the Annual Fair Lending Report issued by CFPB’s … Continue Reading

CFPB Observer: Recent Developments from April 13-17, 2015

The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including an enforcement action against a tax-refund anticipation loan company and its owners; guidance regarding housing counselor information; a final rule on the credit card agreement submission process; and an upcoming research conference. Continue Reading.… Continue Reading

CFPB Outlines Payday Loan Rule

The CFPB recently announced the details of the payday loan rule that it is considering proposing. While it nominally targets traditional short-term, small-dollar lending that is commonly referred to as “payday lending,” the scope of the rule under consideration would more broadly cover vehicle title loans, deposit advance products, and certain high-cost installment and open-end … Continue Reading

CFPB Observer: Recent Developments from Feb. 16-27, 2015

The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including a consumer focus group study on credit reports, a proposed rule that would improve the consumer credit card agreement disclosure process, an upcoming field hearing on consumer arbitration agreements, and an upcoming Credit Union Advisory Council meeting. Continue Reading.… Continue Reading

CFPB Observer: Recent Developments from Feb. 9-13, 2015

The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including an issued report and consumer advisory on reverse mortgages, an enforcement action against a non-bank mortgage lender for alleged deceptive advertising practices and kickbacks, and separate enforcement actions and a civil suit against several mortgage lenders for misleading advertising practices. Continue Reading.… Continue Reading

CFPB Observer: Recent Developments from Jan. 26-30, 2015

The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including a proposed rule amending mortgage rules relating to small creditors, a Compliance Bulletin providing guidance on the CFPB’s regulations governing the use and disclosure of confidential supervisory information, and guidance on private student loans with graduated repayment terms. Continue Reading.… Continue Reading
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